The Norwegian fund manager has made a change at the helm.

SKAGEN has appointed Øyvind Schanke from Norges Bank Investment Management as chief executive, replacing Leif Ola Rød, who will remain with the firm until 1 March 2017.

At NBIM, Schanke was chief investment officer for asset strategies for Norway’s Government Pension Fund Global from 2014. The fund has NOK7.1 trillion ($835 billion) under management. Schanke joined NBIM in 2001, and has also managed the firm’s equity and fixed income portfolios. He has 21 years of industry experience.

He will take the helm at the beginning of February. Rød has been CEO of the firm since 2014.

“He is well respected internationally for his results at NBIM. Øyvind has the solid relevant experience to implement SKAGEN’s long-term strategy. The board is convinced that Øyvind is the right person to take leadership of SKAGEN going forward. Furthermore, the board is grateful to Leif Ola, who has done an admirable job securing stability and effective operations during a challenging period,” said the chairman of the board, Henrik Lisæth.